Joules' countryside style strikes a chord with shoppers as profits soar

Francesca Washtell
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Joules defines its brand as encompassing values including family, fun, countryside and Britishness (Source: Joules)

Profits soared at premium, country-style retailer Joules last year, topping off a "transformational" period for the clothing and accessories group which launched on the AIM in May.

The figures

Profit before tax shot up by 41.5 per cent to £7.5m in the 52 weeks to 29 May, up from £5.3m in 2015, while basic earnings per share ballooned by 42.9 per cent to 6.9p.

The colourful wellies and bright coats maker also posted double-digit revenue growth, which increased 12.8 per cent to £131m.

Online sales grew 17.3 per cent, aided by a revamp of the group's website last September, while store growth increased 13.1 per cent and was boosted by the opening of 10 new stores.

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The company said its active customer base grew by 33 per cent over the year to 824,000.

Joules' share price was relatively flat on the results, dropping 0.55 per cent in afternoon trading to 190.95p.

Joules Joules | mobile image

Why it's interesting

The company floated on the London Stock Exchange's junior market in May with a £140m listing.

Joules defines its brand as encompassing the values of "time-off, heritage, countryside, Britishness, family and fun", which is clearly striking a chord with UK and international consumers.

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The group has said its trading to date in the current financial year has been in line with expectations and early feedback on its spring and summer 2017 ranges has been positive.

What Joules said

Chief executive Colin Porter said:

The 2016 financial year was a transformational year in the development and expansion of the Joules brand which included our successful admission to AIM in May.

We have delivered strong growth across our retail and wholesale channels, significantly increasing profitability by effectively leveraging our operating cost base. Our active customer base and international sales have also grown impressively, all of which is great testament to the growing strength and appeal of Joules as a premium lifestyle brand.

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